The importance of private property rights for economic growth: The case of rural China, 1979-1987

Ian Robert Wills, Xiaokai Yang

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Abstract

A study examines the importance of private property rights for economic growth, particularly with reference to variation of incomes in rural China between 1979 and 1987. Results suggest that economic growth in rural China between 1979 and 1987 is totally explained by increased efficiency in specifying and enforcing property rights, by its effects on both economic organisation, through division of labour, and on the ability of buyers and sellers to respond to relative price changes, which increases as transaction costs fall.
Original languageEnglish
Pages (from-to)117 - 124
Number of pages8
JournalEconomic Papers
Volume25
Issue number2
Publication statusPublished - 2006

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